2026年启幕"十五五"新篇，全球经济于大国博弈与技术变革中寻求平衡，中国经济则在韧性增长与结构升 级中迈向高质量发展。外部环境变幻、内需复苏、新质生产力培育及金融"五篇大文章"落地，构成新一年 核心议题。值此，金融界特别推出《启航·预见2026》栏目，聚集百位首席，拆解政策取向、解析产业机 遇、预判市场走势。 本文作者：广开首席产研院院长连平 2025年，在美国"对等关税"实施、贸易环境恶化、外汇市场波动加剧、地缘冲突烈度升级等多重冲击下， 世界经济复苏进程持续承压。展望2026年，全球经济在消除部分不稳定性和不均衡性的同时，又将面临新 的变局，各种"灰犀牛""黑天鹅"风险交织叠加，将对世界经济和中国经济产生重要且深远的影响。 变局一：发达经济体面临滞胀风险 在地缘冲突、贸易保护主义和"对等关税"的影响下，2026年世界经济增长总体放缓。IMF、OECD、联合国 等预测，2026年全球经济增长约2.7%-3.1%，较2025年小幅回落。新兴经济体继续成为生力军。尤其是中 国、印度、越南等亚洲经济体表现更为亮眼，对世界经济的贡献将持续增强。2026年东亚、南亚和非洲经 济增速分别预计为4.4%、5.6%和4. ...

2025年，在美国"对等关税"实施、贸易环境恶化、外汇市场波动加剧、地缘冲突烈度升级等多重冲击下，世界经济复苏进程持续承压。展望2026年，全球 经济在消除部分不稳定性和不均衡性的同时，又将面临新的变局，各种"灰犀牛""黑天鹅"风险交织叠加，将对世界经济和中国经济产生重要且深远的影 响。 变局一：发达经济体面临滞胀风险 在地缘冲突、贸易保护主义和"对等关税"的影响下，2026年世界经济增长总体放缓。IMF、OECD、联合国等预测，2026年全球经济增长约2.7%—3.1%， 较2025年小幅回落。新兴经济体继续成为生力军。尤其是中国、印度、越南等亚洲经济体表现更为亮眼，对世界经济的贡献将持续增强。2026年东亚、南 亚和非洲经济增速分别预计为4.4%、5.6%和4.0%。发达经济体增速则普遍较为低迷。美国在AI资本开支与减税政策支撑下，增速约为1.8%—2.2%；欧元 区受制于地缘政治不确定性、能源成本与人口老龄化等因素，增速为0.9%—1.2%；日本经济则因消费和投资放缓增速预计为0.7%—0.9%。美国消费市场 和劳动力市场趋冷弱化增长动能。2025年12月美国制造业指数降至47.9，为2024年10月以 ...

Group 1 - Domestic oil prices will see a reduction starting from July 15, with a decrease of approximately 145 yuan per ton for gasoline and diesel, translating to a drop of about 0.11 to 0.12 yuan per liter [2] - The global oil supply-demand dynamics are shifting, with the International Energy Agency (IEA) projecting a global crude oil supply of 105.1 million barrels per day by 2025, exceeding demand by 720,000 barrels per day [2] - U.S. commercial crude oil inventories have increased significantly by 8.2 million barrels, reaching 438 million barrels, which is much higher than market expectations [2] Group 2 - The U.S. has imposed tariffs on 120 countries, causing volatility in international financial markets, which in turn affects oil prices [3] - The share of U.S. light crude oil in China's total imports has dropped from 1.74% to nearly zero, indicating a significant shift in trade dynamics [3] - The dollar index has strengthened, with the USD/CNY exchange rate rising to 7.18, increasing the cost of oil imports priced in dollars [3] Group 3 - Despite OPEC's forecast of continued global oil demand growth until 2050, various factors suggest that domestic oil price adjustments will predominantly trend downward in the second half of the year [5] - The timing of the price reduction coincides with the peak summer travel season, which may have a cumulative effect on reducing travel costs for residents [5] - Some regions have already begun to feel the impact of anticipated price reductions, with gasoline prices in Guangzhou rising to 7.38 yuan per liter for 92 octane and 8 yuan per liter for 95 octane [5]